St Peter’s RC Sixth Form
Higher Education: Career Development Loans

Higher Education

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General Funding
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   career devt. loans
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Specific Funding
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   effects of
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What is a Career Development Loan?
A Career Development Loan (CDL) is a deferred payment bank loan that is intended to help you pay for vocational learning or education.

Are you eligible?

• You must be over 18.
• You must live or intend to train in England, Scotland or Wales.
• When you have finished your training you must intend to work in the UK, or in the European Union. You can also work in Iceland, Norway or Liechtenstein, which are part of the European Economic Area.
• It doesn’t matter whether you are employed, self-employed or unemployed.
• You don’t have to be an existing account holder of one of the banks administering the CDL loans but you may have to open an account with them. (back to top)
  

Your Course
The course you want to do must be vocational – that means it gives you the skills needed for an occupation or profession.

• The course can be full-time, part-time or distance learning. From National Vocational Qualifications (NVQs) Scottish Vocational Qualifications (SVQs) to Open University courses and Postgraduate Qualifications.
• CDL support of the course will not be longer than two years, plus up to one year’s practical work experience.
• If your course is longer than two years, you can use a CDL to fund part of it. (back to top)

• You are eligible for an LEA mandatory grant; or
• You are eligible for a student loan; or
  You have a job and your employer will be receiving a grant for your course; or
• You are in receipt of an NHS non-means tested bursary; or
• You have reasonable or adequate funds to pay for the course yourself. (back to top)

What can you get?
You can borrow anything between £300 and £8,000 to help fund up to two years of learning plus (if relevant) up to one year’s practical work experience where it forms part of the course.

CDLs can be used to cover up to 80% of your course fees plus any related expenses: books, childcare, travel expenses an any costs associated with disability.

Living costs can also be funded if your chosen course is full-time and such costs are not already covered by other grants and state benefits.

If you have been out of work for more than three months at the time of application you can apply for a CDL to cover 100% of your course fees.  (back to top)

How to apply for a CDL
CDLs are administered through three high street banks:

1. Barclays
2. The Co-operative Bank
3. The Royal Bank of Scotland

You apply to one of these banks for a loan. If successful, your course fees will be paid direct to your learning provider by Barclays and the Co-operative, or sent to you in the form of a banker’s draft made payable to your learning provider by the Royal Bank of Scotland once you have started the course.  (back to top)

What happens when I finish the training?
A CDL is a deferred repayment bank loan, which means you don’t have to pay anything back until you have completed the course. Until then, the Department for Education and Skills (DfES) pays the interest on the loan. You do have to repay the loan, even if you do not complete the course. One month after you finish the course you start repaying the loan to the bank over an agreed period at a fixed rate of interest. (back to top)

Higher Education pages updated 23rdJune 2003